NAIOP New Jersey, the commercial real estate development association, has announced the finalists for its Deal of the Year Awards. Gibbons P.C. was part of the team nominated for Mixed-Use Deal of the Year for the project involving the disposition of the Hoffmann-La Roche US headquarters in Nutley and Clifton, New Jersey. Winners in the categories of Industrial Deal of the Year, Office Deal of the Year, and Mixed-Use Deal of the Year will be announced at the 30th Annual Commercial Real Estate Awards Gala on May 11, 2017. Gibbons was part of the team that led the successful sale of the former 116-acre headquarters and research and development campus of Hoffmann-La Roche, which spans the municipalities of Nutley and Clifton, to Prism Capital Partners and a Boston-based investment manager. As part of the transaction, a joint venture between Hackensack University Medical Center and Seton Hall University will lease two of the campus buildings and 16 acres of the property for the new Seton Hall–Hackensack Meridian School of Medicine, the first new private medical school in New Jersey in over 40 years. The new site will also house Seton Hall’s College of Nursing and its School of Health and Medical...
Author: Gibbons P.C.
David J. Freeman, a Director in the Gibbons Real Property & Environmental Department and Co-Chair of the Brownfields Task Force of the Environmental Law Section of the New York State Bar Association, will speak at an upcoming seminar on “New York State’s Brownfield Cleanup Program: What to Look for in 2017.” The seminar is sponsored by the New York City Brownfield Partnership and will take place on February 7 from 9:00 to 10:00 a.m. Mr. Freeman and other panel members will review the major changes to the Program made by the 2015 amendments to the state’s Brownfield Cleanup Act, including the new definition of “brownfield site”; new deadlines for admission to the Program and for issuance of Certificates of Completion; new rules and DEC procedures with respect to costs that qualify for site preparation tax credits; and restrictions on tangible property credits for properties in New York City, including DEC’s new definition of an “underutilized” site.
Russell B. Bershad, Co-Chair of the Gibbons Real Property & Environmental Department, has been named to the NJBIZ Real Estate Power 75, a list of the most powerful people in New Jersey real estate. Mr. Bershad appeared for the first time this year, ranking 55th on the list. NJBIZ notes, “Russ Bershad is a newcomer to the list. But, according to one fan, he’s been in the mix for quite some time. ‘He was involved in the Roche deal, he represents David Barry in Jersey City. He’s doing a lot of good things there.’ Said another: ‘You know every detail is going to be pored over when you hire Russ.’ Said another: ‘If you’re going to add more lawyers to the list, and that’s a good idea, Russ is one of the people you need to have.’”
Did you know that the first and last residential condominium unit sales by a developer are each subject to the New Jersey Bulk Sales Act (N.J.S.A. 54:50-38) even though all other unit sales are exempt? This and other issues were covered by panelists during the New Jersey Institute for Continuing Legal Education’s webinar, Bulk Sales For Real Estate, Corporate and Tax Lawyers on September 15, 2016. Gibbons attorneys Ivette P. Alvarado, a Director in the Real Property & Environmental Department, and Peter J. Ulrich, a Director in the Corporate Department, were joined on the panel by three investigators from the New Jersey Division of Taxation, Bulk Sales Section (the “Division”), Audrey Graham, Elizabeth Hartmann, and Keith Muller.
FEMA Amendments to Base Floor Elevation Requirements, When Minor, Do Not Necessarily Give Rise to Hardship Showing for Height Variance Says NJ App Div
In its recent decision in Richmond URF, LLC v. Zoning Board of Adjustment of the City of Jersey City, the Appellate Division held that a minor alteration in base floor elevation requirements in the wake of FEMA’s amendments to the regulations after SuperStorm Sandy does not necessarily give rise to showing a hardship in support of a height variance under N.J.S.A. 40:55D-70(d)(6).
Subordination, non-disturbance and attornment agreements (SNDAs) are often encountered by transactional real estate lawyers, but infrequently discussed. An SNDA is an agreement among a tenant, the landlord’s mortgage lender and, usually, the landlord. An SNDA provides that a tenant’s lease will be subordinated to a mortgage on the landlord’s property, and the mortgage lender will agree that if the mortgage goes into default and the lender forecloses its mortgage, the lease will continue (i.e., it will not be disturbed).
Construction is underway on 90 Columbus, the final tower of Ironstate Development and Panepinto Properties Inc.’s multi-phase Columbus Drive development project in Jersey City, New Jersey. The project is designed to embrace modern urbanism and connect the city’s financial district and waterfront with the vibrant Grove Street historic area. The 50-story, 539-unit, luxury apartment tower at 90 Columbus is the fourth tower in the iconic development, following the already-completed residential buildings at 50 and 70 Columbus, the over 900-space parking garage, and the 152-room Marriott Residence Inn at 80 Columbus, which is currently under construction and expected to open this winter. Ground broke on 90 Columbus earlier in 2016, and completion is expected in October 2018.
Plans for New Medical School Move Ahead as Hoffmann-La Roche Announces Completion of Purchase and Sale Agreement of its 116-Acre Campus
As reported in today’s NJBIZ, Hoffmann-La Roche has completed the purchase and sale agreement of its 116-acre campus, located in Nutley and Clifton, NJ, to PB Nutclif I, an affiliate of Prism Capital Partners. Seton Hall University and Hackensack Meridian Health then entered into a long-term lease with the developer for the creation of a private medical school and clinical research center. Seton Hall will also relocate its College of Nursing and School of Health and Medical Sciences to this site.
Gibbons Director Howard Geneslaw Installed as Chair of the Land Use Section of the New Jersey State Bar Association
Howard D. Geneslaw, a Director in the Gibbons Real Property & Environmental Department, was installed as Chair of the Land Use Section of the New Jersey State Bar Association (NJSBA) during the section’s annual dinner at the New Jersey Law Center in New Brunswick on June 15. Mr. Geneslaw has served on the Board of Directors of the Land Use Section of the NJSBA since 2009. He served as Secretary from 2014-2015 and Vice Chair from 2015-2016. The NJSBA’s Land Use Section serves as the statewide leader concerning issues involving or related to the field of land use law, including reviewing developments in land use law and attempting to reduce or eliminate costs and delays associated with the land use approval process.
William Hatfield, Susanne Peticolas, and Shawn LaTourette Speak at the 2016 Environmental Law Section Forum
William S. Hatfield and Susanne Peticolas, Directors, and Shawn M. LaTourette, an associate, in the Gibbons Real Property & Environmental Department will speak at the annual New Jersey State Bar Association Environmental Section Law Forum on June 24-26, 2016 at the La Mer Beachfront Inn in Cape May, New Jersey. Mr. Hatfield and Ms. Peticolas are speaking on the panel captioned “Divide and Conquer – Using Experts to Battle the Scourge of Joint and Several Liability.” Dr. Adam Love and Gregory Martin of Roux Associates round out the panel, which will examine the legal and technical issues in seeking a divisibility defense following the U.S. Supreme Court’s decision in Burlington Northern & Santa Fe Ry Co. v. United States.